Kent McDill | Livability.com
No one in California is immune from the problem. From regions struggling to fund investments that reduce sprawl and improve air quality to cities looking for ways to build long-deferred water projects or affordable housing, the obstacle is often the same. While California has some of the nation’s most far-reaching state policies for combatting climate change and encouraging sustainable growth, state investment is shrinking, local tax measures can only go so far, and local governments can’t support projects with their own money.
This is where new local infrastructure financing authority can help. In a new fact sheet released this week, the California Economic Summit details how Enhanced Infrastructure Financing Districts (EIFDs), authorized by legislation in 2014, offer local governments the financing powers they need to build the foundation for livable, sustainable communities—from transit stations, mixed-use developments and parks to next-generation water systems.
The fact sheet explains how the districts work, allowing cities, counties, and special districts to form public financing authorities with the power to access and bundle an unprecedented array of funding streams—including the tax increment powers once used by redevelopment agencies. It also makes the case that this new authority is broader and more flexible than redevelopment, while also providing the basics on how to set up a district. Read more